Paramount Global is still reducing its U.S. staff, as their co-CEOs announced another round of layoffs amounting to 3.5%.
This year’s reductions come after a 15% decrease from last year. In a memo to staff, obtained by The Hollywood Reporter, Co-CEOs George Cheeks, Chris McCarthy, and Brian Robbins stated that the changes primarily target the U.S. workforce, although they might affect employees outside of the U.S. eventually. Most of the affected staff will be informed about this on Tuesday.
As of the end of 2024, Paramount Global had 18,600 employees worldwide.
In a challenging scenario where we’re dealing with prolonged industry-wide decreases and an ever-changing economic landscape, while focusing on expanding our streaming service, we’re making tough decisions to restructure our company, effective immediately,” the executives stated in their memo. “We understand these changes are demanding and want to express our gratitude for everyone’s dedication and efforts. These adjustments will help us adapt to the current operating conditions and set Paramount up for future success.
The recent reductions are being made while Paramount is still awaiting FCC approval for the acquisition of Skydance Media, which they plan to finalize.
The memo expressed heartfelt appreciation towards numerous team members responsible for producing and popularizing our groundbreaking content such as ‘Mission: Impossible – The Final Reckoning’, ‘MobLand’, and the NCAA Tournament, which have significantly boosted our streaming numbers. As we undergo changes, there’s much to be proud of given our clear advancement and the impactful outcomes.
Read the full memo below.
| Hi Everyone, As we navigate the continued industry-wide linear declines and dynamic macro-economic environment, while prioritizing investments in our growing streaming business, we are taking the hard, but necessary steps to further streamline our organization starting this week. We will be reducing our domestic workforce by 3.5%, with the majority of impacted staff being notified today. This process may also result in some impacts to our workforce outside the US over time. As always, any changes will be considered in accordance with local legal obligations. We recognize how difficult this is and are very thankful for everyone’s hard work and contributions. These changes are necessary to address the environment we are operating in and best position Paramount for success. Along with our HR leaders, we are committed to ensuring all impacted employees are supported with care and respect during this time. We are deeply grateful to the many employees who have been a part of creating and propelling our record-breaking hit content— most recently Mission: Impossible – The Final Reckoning, MobLand, and the NCAA Tournament—and for the impressive growth in streaming that our hits continue to drive. As our company transforms, there is so much to be proud of. Our progress is clear, and the results are meaningful. As always, thank you for your commitment, compassion and support for one another as we continue to transition Paramount for the future. George, Chris and Brian |
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2025-06-10 14:54